News of the Competition

September 30, 2015

CHARLOTTE, N.C. (9/30/15)--Bank of America has plans to lay off hundreds of employees from its global banking and global markets unit in the coming days, according to a report from the Wall Street Journal (Sept. 29). The Journal said that big banks frequently cut employees from their payrolls at this time of year in advance of bonus season. However, the move also comes after the Charlotte, N.C.-based bank’s CEO, Brian Moynihan, said that if its trading business didn’t improve, the bank would have to cut expenses. Trading revenue fell 2% in the second quarter for the bank, and is expected to continue to drop in the third quarter, potentially sliding by 5% to 6%, according to the Journal …

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